Ethereum (ETH) dipped 1% in the past 24 hours as buyers eased pressure.
Bitcoin miner Bit Digital announces pivot to ETH treasury strategy.
ETH must reclaim $2,500 to avoid confirming a bearish flag pattern.
Ethereum’s price slipped 1% following Bit Digital’s (BTBT) Wednesday announcement to transition toward ETH staking and treasury strategies.
ETH Loses Momentum Despite Bit Digital’s Strategic Shift
After two days of gains post Israel-Iran ceasefire, Ethereum faced a 1% drop due to rising exchange reserves signaling muted demand and moderate selling pressure.
Key Developments:
- Bit Digital, a Nasdaq-listed Bitcoin miner, revealed plans to phase out BTC mining and reinvest proceeds into Ethereum staking.
- The company holds 24,434.2 ETH and 417.6 BTC (as of March 31).
- SharpLink Gaming (SBET) and BTCS are among firms adopting ETH treasury models, with BTCS recently acquiring 1,000 ETH.
Ethereum Price Forecast: Critical Levels to Watch
Market Data:
- Futures Liquidation: $49.49M (24h), with $30.09M long and $19.4M short positions liquidated (Coinglass).
Technical Analysis:
Resistance:
- ETH briefly breached the descending channel’s upper boundary and 50-day EMA but faced rejection below $2,500.
- A breakout above $2,500 and 200-day SMA could target $2,850.
Support:
- Failure to hold the channel’s upper boundary may confirm a bearish flag, potentially driving prices below $2,100.
Indicators:
- RSI and Stochastic Oscillator test neutral levels; a rejection may revive bearish momentum, while a crossover could boost bullish pressure.
FAQ Section
Q1: Why did Ethereum’s price drop?
A: Increased exchange reserves and reduced buying pressure contributed to the 1% decline.
Q2: What is Bit Digital’s new strategy?
A: The company plans to shift from Bitcoin mining to ETH staking and treasury expansion.
Q3: What’s the critical resistance level for ETH?
A: $2,500 – a breakout could invalidate bearish patterns.
👉 Explore Ethereum’s latest trends
Disclosure:
This content reflects the author’s opinion and is not investment advice. CFD trading carries risks—invest cautiously.